The November World Agricultural Supply and Demand Estimates report (WASDE) showed this month’s 2025-26 U.S. corn outlook is for increases in supply, exports and ending stocks. Total supply is 144 million bushels higher as larger beginning stocks are partially offset by lower production. Beginning stocks are 207 million bushels higher based on the Sept. 30 Grain Stocks report. Corn production is forecast at 16.8 billion bushels, down 62 million from September on a 0.7-bushel reduction in yield to 186 bushels per acre. Harvested area for grain is unchanged at 90 million acres. Total use is up 100 million bushels, reflecting a higher export forecast. Exports are raised 100 million bushels to 3.1 billion, reflecting shipments to date. Inspection data imply exports set a monthly record during September and again in October. With supply rising more than use, corn ending stocks are up 44 million bushels to 2.2 billion. The season-average corn price received by producers is raised 10 cents to $4 per bushel.
U.S. oilseed production for 2025-26 is projected to reach 125.8 million tons, a decrease of 1 million from the previous estimate. The reduction is attributed to lower soybean production, although it is partially offset by higher peanut and cottonseed output. Soybean production is forecast at 4.3 billion bushels, down 48 million, on lower yields. The soybean yield is projected down 0.5 bushel to 53 bushels per acre. Soybean supplies are projected to be 61 million bushels lower than the September forecast, due to lower beginning stocks from the Sept. 30 Grain Stocks report and reduced production. The U.S. season average soybean price for 2025-26 is raised 50 cents to $10.50 per bushel. The soybean meal price is raised $20 to $300 per short ton. The soybean oil price is unchanged at 53 cents per pound.
The outlook for 2025-26 U.S. wheat this month is for larger supplies and higher ending stocks, with no change to use. Supplies are raised on greater production, up 58 million bushels to 1,985 million, on a record all wheat yield based on the Sept. 30 Small Grains Summary. The season-average farm price is lowered 10 cents per bushel to $5 as larger global supplies reduce price expectations for the remainder of the marketing year.
The forecast for 2025 red meat and poultry production is lowered from the previous September report with lower beef, pork and turkey production forecasts partially offset by higher broiler production. Beef production is lowered, as reduced steer and heifer slaughter and lower weights are partially offset by higher expected cow and bull slaughter.
For 2026, beef production is lowered on reduced steer and heifer slaughter, with the slower rate of fed cattle marketings expected to carry into the first half of 2026. The beef import forecasts for 2025 and 2026 are unchanged from the previous report based on U.S. Census data reported through July. Beef exports are reduced in the third quarter of 2025 but remain unchanged for the outlying quarters of 2025 and 2026.
Find additional information on the USDA WASDE report from November.
